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HomeBusiness NewsRakesh Jhunjhunwala, 'India's Warren Buffet,' dies at 62

Rakesh Jhunjhunwala, ‘India’s Warren Buffet,’ dies at 62


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MUMBAI — Inventory investor Rakesh Jhunjhunwala, dubbed India’s Warren Buffett with an estimated web value of $6 billion, died early on Sunday at age 62, his household mentioned.

A chartered accountant by occupation from the desert state of Rajasthan, Jhunjhunwala began dabbling in shares whereas in faculty and went on to handle a inventory buying and selling agency, RARE Enterprises.

“Rakesh-ji handed away surrounded by his household and shut aides,” a member of the family instructed Reuters, utilizing a time period for respect for a person.

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The reason for loss of life was not instantly introduced.

The promoter of India’s latest airline, the extremely low-cost Akasa Air, Jhunjhunwala appeared days in the past at its public launch. He’s survived by his spouse and three kids.

Jhunjhunwala’s wonderful communication abilities helped small buyers perceive the inventory market, mentioned businessmen and bankers based mostly in India’s monetary capital, Mumbai, who had interacted with him for over 30 years. His insights on the economic system and corporations made him a preferred TV celeb.

Jhunjhunwala’s bets embrace numerous corporations run by Tata Group, one among India’s largest conglomerates. These embrace Tata Motors, watch maker Titan, Tata Communications and Indian Accommodations Co, which runs the Taj inns.

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Different investments embrace Indiabulls Housing Finance , Star Well being Insurance coverage and Federal Financial institution

Main politicians and enterprise leaders mourned his loss of life on social media.

“Rakesh Jhunjhunwala was indomitable,” Prime Minister Narendra Modi wrote on Twitter.

“Energetic, witty and insightful, he leaves behind an indelible contribution to the monetary world. He was additionally very enthusiastic about India’s progress. His passing away is saddening. My condolences to his household and admirers.”

Modi ended with “Om Shanti,” an invocation of peace.

(Reporting by Rupam Jain and M. Sriram in Mumbai, and Mrinmay Dey in Bengaluru; Enhancing by Jacqueline Wong and William Mallard)

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